2016: Poland is one of the biggest EU economies

Eurostat, EU’s statistical body, revealed GDP figures for 2016. Among the biggest contributors to the European Community’s economy is Poland. The country took the 8^th spot on the list, alongside such states as Sweden (7^th) and Belgium (9^th). The biggest EU economy is Germany, while the ranking is closed by Malta.

Last year, Polish economy generated 2.9 percent of the total GDP in the European Union. In comparison, Germany, the country with the most robust economy among the Member States, had a 21.2 percent share in the EU’s economic growth. Poland is a definite leader among the CEE countries. Czech Republic was ranked 14^th. Romania, another CEE country, was ranked 17^th. Eurozone generated 72 percent of EU’s GDP.

Polish Ministry of Finance recently announced its prognosis for Poland’s GDP growth in 2017 and upcoming years. This year, Polish economy will grow by 3.6 percent, while the growth in 2018 is to be even higher, 3.8 percent. In 2019 and 2020 the Ministry is expecting the economy to develop at the pace of 3.9 percent. Deputy Minister of Finance explained economic growth in Poland will be boosted thanks to consumer consumption and investment projects.

Meanwhile, according to International Monetary Fund, Polish economy in 2017 will grow by 3.3 percent and will increase by stable 3.2 percent in later years. Jerzy Kwieciński, Deputy Minister of Finance, said that the economy is thriving. Experts, on the other hand, say the Ministry of Finance is optimistic in their projections. They indicate is it difficult for a country like Poland to maintain stable economic growth through a several-year period.

Among positive factors affecting the economy is low unemployment rate. Currently, it is 8.5 percent. However, due to negative demographic trends and lowering of the retirement age, working-age population is going to shrink in the upcoming years. This will have negative impact on the economy. Experts also preview an increase of wages and consumer spending.